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Octopus Renewables Infrastructure Trust PLC on Friday said it agreed to acquire a 51% ownership in the Crossdykes onshore wind farm in Scotland.
The remaining 49% is being acquired by another Octopus-managed fund, the renewable energy investor explained.
Crossdykes has a total installed capacity of 48 megawatts, made up of 10 Nordex SE turbines. Upon completion, the acquisition is expected to take Octopus's operational portfolio capacity to 608 megawatts.
‘This significant investment into one of the largest unsubsidised wind farms in the UK adds a substantial operational asset to our portfolio,’ said Chair Phil Austin.
‘Once completed, this will be ORIT's twelfth acquisition since IPO, with the portfolio now comprising 35 assets, highlighting the ability of our investment manager to build a high-quality portfolio of renewable energy assets, which in turn is critical to the UK's target of becoming net zero by 2050,’ he continued.
Alongside the acquisition, Octopus said it has extended its revolving credit facility by using the accordion feature, bringing the facility's total to £246 million.
Shares in the company were 0.9% higher at 113.20 pence each in London on Friday morning.
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